Ep 85: How the “Great Resignation” Could Impact Your Retirement

What do you know about the “Great Resignation”? There’s been a lot of people leaving their jobs lately, either to take a break or to retire early. We’ve seen it with some of our clients even. With this huge shift in the workplace, we want to discuss how it could impact your retirement plan if you decide to leave your job.

What should you be aware of when it comes to Social Security and your retirement accounts if you quit your job? You’ll have to keep in mind if you do take a break, your Social Security payment calculations could change later on. Don’t think of your 401(k) as a rainy-day fund either. However, make sure you take it with you if you do go to a new job. A lot of people are thinking about retiring early and having a stable plan is the first step to realizing that goal.

 

Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/

 

Get additional financial information: https://principalpreservationservices.com/ep-85-how-the-great-resignation-could-impact-your-retirement/

 

What we discuss:

1:31 - Happy New Year!

2:25 – Retirement planning during the great resignation

4:10 – The impact of the pandemic

5:05 – Taking a break from Social Security

6:56 – 401(k) as a rainy-day fund

9:05 – Take your 401(k) with you

11:37 – Leaving before a potential match

14:18 – Cover your basis before you retire early

18:15 – Mailbag: “How much stock in the company I work for is too much?”

20:20 – Mailbag: “How do I get myself motivated to save more for retirement?”